RISHABH FOOD PRODUCTS LTD.
ANNUAL REPORT 2000-2001
Your Directors are pleased to present the 12th Annual Report and the
Audited Statement of Accounts of the Company for the year ended on 31st
During the year under review, your company has achieved only a small
turnover amounting to Rs.1.20 lac compared to a turnover of Rs.10.61 lacs
of the previous year. As the members are aware, the Company has been facing
acute financial problems since the time it became sick and that is the
reason why the operational activities are almost negligible. The total loss
of the year under review is of Rs.145.53 lacs (Previous Year Rs.140.75
lass) after providing interest of Rs.125.69 lacs (Previous Year Rs.97.38
lacs). As there was no operational activity, no depreciation has been
provided (Previous Year Rs. 22.66 lacs).
As the members are aware, the company had become a sick company and had
been registered as such with Hon'ble BIFR. The hon'ble BIER has recommended
to the hon'ble High Court of Punjab & Haryana, that the company is not
viable and should be wound up. The hon'ble High Court has since appointed
an official liquidator.
In view of the losses, the Directors are unable to recommend any dividend.
The company had not received any deposit from the public and there was no
outstanding Deposit as on 31st March, 2001
PARTICULARS OF EMPLOYEES
There was no person in receipt of remuneration which in aggregate was not
less than Rs.3,00,000 per annum, if employed throughout the financial year
or Rs.25,000/- per month, if employed for a part of the financial year.
Hence, the details u/s 217(2A) of the Companies Act, 1956, are NIL.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956,
your Directors confirm as under:
1. That in the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
2. That the Directors had selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year and of the profit or loss of the
company for that period;
3. That the Directors had taken proper and sufficient care for maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
4. That as the company had become a SICK company in Aug., 1997 but as there
were a little activities amounting to Rs 1.20 lacs during the year 2000-01,
the accounts have been prepared on the concept of "Going concern basis".
PARTICULARS Or CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The information/details required u/s 217(1)(e) of the Companies Act, 1956
Mrs. Shyam Singh, Chairman, retires by rotation pursuant to provisions of
Sections 256 and 257 of the Act and being eligible offers himself for re-
M/s. R.Bhargava & Associates, Chartered Accountants, who are the statutory
auditors retire at the ensuing annual meeting, but they are eligible for
reappointment. Their observations are explained in the "Notes on Accounts"
which are self-explanatory.
The Board of Directors takes this opportunity to thank various Financial
institutions, Banks, Govt. Departments and local authorities for their co-
operation and help.
On behalf of the Board of Directors
For RISHABH FOOD PRODUCTS LTD.
Place: New Delhi
Dated: 15th OCT., 2001